Great Canadian Gaming

From Wikipedia, the free encyclopedia

Great Canadian Gaming Corporation
IndustryGaming and Hospitality
Founded1982
Headquarters
Coquitlam, British Columbia
,
Canada
Number of employees
9,400 (2018)
ParentApollo Global Management
Websitehttps://gcgaming.com/
River Rock Casino Resort, a Great Canadian Gaming Property

Great Canadian Gaming is a Canadian gaming, entertainment and hospitality company. Prior to its acquisition by Apollo Global Management, the company was listed on the Toronto Stock Exchange and was part of the S&P/TSX Composite Index.

Business[]

Great Canadian operates 25 gaming properties in Canada, consisting of casinos, horse race tracks (with slot machines), and smaller-scale gaming centres. It also runs hotels, restaurants, and entertainment facilities associated with its properties. As of the third quarter of 2017, 67% of revenue was from gaming.[1] As of 2018, it had 9,400 employees.[2] In 2016, 61% of revenues were from British Columbia, 17% were from Ontario, 15% were from Atlantic Canada, and the rest were from the United States.[2] In total, Great Canadian properties include 16,000 slot machines, 386 table games, 80 dining establishments and 500 hotel rooms.[3]

In 2017, the company's was about $1.2 billion, with net earnings for 2017 of $85.7 million.[4]

History[]

The company was founded in 1982 as the Great Canadian Casino Company.[5] It initially operated charity casinos and a casino at Vancouver's Pacific National Exhibition.[5] In 1986, it opened its first permanent casino in Vancouver.[5] It held an IPO on the TSX Venture Exchange in 1992, and renamed itself the Great Canadian Gaming Company in 1997.[5] In 2004, it listed on the Toronto Stock Exchange.[5] In 2005, it acquired a number of casinos in Ontario and Nova Scotia.[6] As a result of these acquisitions, it breached debt agreements in March 2006.[7]

Great Canadian has been investigated for money laundering that allegedly took place at their River Rock Casino Resort.[8] The company has released a statement saying that it has followed all the necessary procedures.[9]

In August 2017, Great Canadian (in cooperation with Brookfield Property Partners) won a bidding process to take over the slots facility at Woodbine Racetrack in Toronto from the OLG.[10] It also took over the slots at the Ajax Downs track and the Great Blue Heron Casino. The then-opposition Ontario PCs called for the deal to be halted due to the money laundering allegations.[11]

In December 2017, Great Canadian (in cooperation with Clairvest Group) won a process to take over four more OLG facilities.[12]

In January 2021, president and CEO Rodney Baker resigned after he and his wife were discovered to have booked a private plane to travel to Beaver Creek, Yukon and deceived medical personnel by saying they were local motel workers to obtain doses of a COVID-19 vaccine intended for the indigenous community.[13][14]

In September 2021, the company was acquired by Apollo Global Management in an all-cash deal and its shares were delisted from the Toronto Stock Exchange.[15]

Properties[]

British Columbia[]

Ontario[]

Atlantic Canada[]

References[]

  1. ^ "Great Canadian Gaming Corporation - 2017 Q3 Financial Statement". Great Canadian Gaming Corporation. Retrieved December 28, 2017.
  2. ^ a b "Great Canadian Gaming Corporation - Annual Information Form 2016". Great Canadian Gaming Corporation. Retrieved December 28, 2017.
  3. ^ "Great Canadian Gaming Corporation - Who We Are".
  4. ^ "Financials - Great Canadian Gaming Corporation". Great Canadian Gaming Corporation. Retrieved September 1, 2018.
  5. ^ a b c d e f g "History - Great Canadian Gaming Corporation". Great Canadian Gaming Corporation. Retrieved December 23, 2017.
  6. ^ Luciw, Roma (February 13, 2006). "Great Canadian Gaming sinks". The Globe and Mail. Retrieved December 23, 2017.
  7. ^ "Great Canadian Gaming posts Q4 loss, may breach debt pacts". CBC News. March 20, 2017. Retrieved December 23, 2017.
  8. ^ "Great Canadian Gaming says its B.C. casino follows rules amid allegations of illegal activity". BNN. October 23, 2017. Retrieved December 28, 2017.
  9. ^ "Gaming Corporation responds to allegations of money laundering at River Rock Casino". Global News. Retrieved December 28, 2017.
  10. ^ Warmington, Joe (August 8, 2017). "World-class casino slated for Woodbine". Toronto Sun. Retrieved December 28, 2017.
  11. ^ Wilson, Codi (October 30, 2017). "Ontario PCs want deal with company chosen to run Woodbine Racetrack halted". CTVNews Toronto. Retrieved December 28, 2017.
  12. ^ "Great Canadian Gaming and Clairvest win Ontario casino deal". Financial Post. December 19, 2017. Retrieved December 28, 2017.
  13. ^ "Great Canadian Gaming CEO resigns after allegedly flying to Yukon for COVID-19 vaccine". British Columbia. January 25, 2021. Retrieved January 26, 2021.
  14. ^ "Canadian mogul fined after getting Covid vaccine meant for Indigenous residents". The Guardian. January 25, 2021. Retrieved January 25, 2021.
  15. ^ "Great Canadian Gaming names new CEO as U.S. private equity fund Apollo takes control". The Globe and Mail. September 22, 2021.
  16. ^ a b Bitonti, David (March 7, 2013). "River Rock: More than a house of gambling". The Globe and Mail. Retrieved December 28, 2017.
  17. ^ Kovach, Joelle (August 10, 2017). "Kawartha Downs workers fear job losses however since the reopening of Kawartha Downs a lot of those employees have been re hired". Peterborough Examiner. Archived from the original on December 18, 2017. Retrieved December 28, 2017.
  18. ^ Miller, Jason (January 10, 2017). "Casino announces opening". The Belleville Intelligencer. Retrieved December 28, 2017.
  19. ^ Kovach, Joelle (October 15, 2018). "Lineups for opening of new Shorelines Casino Peterborough". The Peterborough Examiner.
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